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Property investment sales up 13% in Q3 to S$1.8b

Posted on 16 Sep 2009 | Comments Off

Property investment sales rose 13 per cent between July and September to S$1.8 billion, compared to the previous quarter.

The improved performance was buoyed by better market and investor sentiments.

In its latest report, property consultancy Jones Lang LaSalle said the residential sector dominated investment sales, accounting for 52 per cent of total sales.

Investment sales in the residential sector for this quarter totalled S$958 million. These include the sale of 24 Good Class Bungalows and 47 landed properties worth above S$5 million each.

With affordability remaining a key factor, Jones Lang said most investment transaction deals were still concluded below the S$100-million mark.

The exceptions were the two largest transactions in this quarter that came from the commercial sector.

The Suntec Convention Centre was injected into the ARA Harmony Fund, in which Suntec REIT holds a 20 per cent stake, for S$235 million.

K-REIT also joined the acquisition spree by purchasing six floors of its partially-owned Prudential Towers for S$106 million from Asia Property Fund. Continue reading →

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Posted in Property Market / Real Estate

Tagged Investment Sales, Property Investment, Property Investment Sales, Singapore Property Market

Billionaire Modi seeks island resorts in distressed-asset quest

Posted on 14 Sep 2009 | Comments Off

Billionaire Bhupendra Kumar Modi, who made his fortune from mobile-phone services in India, is planning to invest US$100 million ($142.5 million) in distressed assets including the island resorts on Batam and Bintan neighboring Singapore.

Modi, chairman of Singapore-based Spice Global with interests from telecommunications to financial services, said he is in talks to buy stakes in all the resorts on the Indonesian islands and wants to transform them into entertainment hubs, flying in Bollywood stars and eventually adding casinos.

“There’s nothing near Singapore as beautiful as these two islands, but they are distressed,” the 60-year old said in an interview at his 63rd-floor penthouse overlooking the casino- resort being built by Las Vegas Sands Corp. “There are a lot of situations emerging where the actual asset is good, but it is distressed because the situation around it is not right.”

Modi, who last year moved from Beverly Hills to Singapore, is aiming to fill a gap left as firms such as Blackstone Group LP and Och-Ziff Capital Management Group LLC scaled back plans to buy distressed Asian assets. He has set aside US$100 million for special situation investments, which seek to profit from events such as spin-offs. Continue reading →